Officials outlined a plan on Wednesday to fund a desperately needed Hudson River train tunnel by creating a corporation within the Port Authority that will raise billions of dollars.

The project will be managed by a corporate subsidiary of the PA overseen by a board whose four members will include two representatives of the bi-state agency and one each from Amtrak and the US Department of Transportation, The Wall Street Journal reported.

Gov. Cuomo and New Jersey Gov. Chris Christie, who share oversight of the PA, announced the deal.

“Our shovels are ready,” Cuomo told the Journal. “Literally, if you don’t build this tunnel, you would greatly imperil train service.”

Both governors agreed in September to pay half of the project’s cost if the federal government picked up the rest.

Amtrak Chairman Anthony Coscia said the agreement was a “real turning point” in an overall Gateway plan, which includes other infrastructure fixes and is estimated to cost $15 billion to $20 billion.

The new Gateway Development Corp. will use federal grants and loans and, possibly, private financing, to complete the project. Sen. Charles Schumer had proposed a similar entity earlier this year.